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Changes in Unemployment Statistics in UK over Time - Assignment Example

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Changes in Unemployment Statistics in UK over Time Report March 12, 2012 s Institution’s Name Introduction To attain an eloquent grasp of social and business issues, the use of statistical techniques is requisite. For instance, in the analysis of data on unemployment rates, numerous statistical tools, each giving unique and intimate understanding of the data, are of primary importance…
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Download file to see previous pages This paper investigates the unemployment using statistical techniques. Unemployment Statistics for UK (2006-2011) 1 Unemployment Rates in Percentage (%) Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Average Rate 2006 5.2 5.3 5.3 5.4 5.5 5.6 5.6 5.6 5.6 5.6 5.5 5.6 5.48 2007 5.6 5.6 5.6 5.5 5.5 5.4 5.4 5.4 5.4 5.3 5.4 5.3 5.45 2008 5.3 5.3 5.3 5.4 5.2 5.4 5.6 5.8 6.0 6.1 6.3 6.5 5.68 2009 6.7 6.9 7.2 7.4 7.7 7.9 8.0 8.0 8.0 8.0 7.9 7.9 7.63 2010 7.9 8.1 8.1 8.1 8.0 8.0 8.0 7.9 7.9 8.1 8.1 8.0 8.02 2011 8.1 8.0 7.9 7.8 7.9 8.0 7.9 7.9 7.9 8.3 8.3 8.4 8.03 6.5 6.5 6.6 6.6 6.6 6.7 6.8 6.8 6.8 6.9 6.9 7.0 _______________________________ 1Trading Economics, “United Kingdom Unemployment Rate”. Trading Economics. 2012. < http://www.tradingeconomics.com/united-kingdom/unemployment-rate >, accessed 12, March 2012. Analysis the Unemployment Data Scatterplots Histograms Pie charts Cumulative frequency curves Measures of Averages Yearly Averages Measure Value Description Mean 6.72% The average of the rates of unemployment over the six year period Mode 8.03% The highest value on the histogram Median 6.66% The middle value, calculated by averaging the third and fourth value Monthly Averages Measure Value Description Mean 6.72% The average of the rates of unemployment over the six year period Mode 6.95% The highest value on the histogram Median 6.75% Middle value, calculated by averaging the sixth and seventh month What the data shows The social and economic impact of unemployment is insidious 2. Unemployment is usually attributable to the inability by able and willing persons to find sources of income regardless of active search for work. The unemployment data trend according to the histogram and the scatterplot indicate that the rate of unemployment has been rising over the six-year period ranging from 2006-2011. The greatest upsurge in the percentage unemployment rate was for the 2008 to 2009, where the rate rose from 5.68% to 7.63%, a 34.3% increase in unemployment rate 3. The unusual rise is attributable to the 2008 economic meltdown, which forced many companies into liquidation and loss-making streaks for many corporations 4. The unfavorable economic conditions not only curbed growth in employment opportunities but also made corporate leaders lay off many workers to alleviate cost overruns. For the entire period the data concerns, particular salient features reveal themselves as to the general trend in the data. For instance, the earliest period, January 2006 has the lowest unemployment rate at 5.2% while the latest period, December 2011 has the highest unemployment rate at 8.4% 5. Unemployment rate in the UK is, therefore, on an increasing trend. ______________________________ 2 Bell, David and Blanchflower, David. What Should be Done about Rising Unemployment in the UK? Dartmouth College. 2009. p.2 3 Trading Economics, “United Kingdom Unemployment Rate”. Trading Economics. 2012. < http://www.tradingeconomics.com/united-kingdom/unemployment-rate >, accessed 12, March 2012. 4 ibid 5 ibid As the table and the graphs indicate, the unemployment rate, on average, increases on a yearly base. Despite the increase due to the 2008 economic crisis, the rate is yet to fall, although it remains considerably steady ...Download file to see next pagesRead More
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